ECB, Fed React to a Slowing Global Economy

The European Central Bank made a U-turn on Thursday with new plans to stimulate the eurozone’s faltering economy, while Federal Reserve officials signaled increasing reluctance to raise U.S. interest rates at all, as evidence mounts of a slowing global economy.

The ECB, acting less than three months after it phased out a €2.6 trillion bond-buying program, said it would hold interest rates at their current levels at least through the end of this year—months longer than previously signaled. It also will issue...

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ECB stimulus flows show why Draghi works so hardPresident Mario Draghi bought 2 tln euros of government bonds to boost the economy. But some proceeds were used to buy debt issued by non-euro zone companies, or left in bank deposits, the BIS says, diluting the impact. Though mainstream, money-printing remains an imprecise tool.
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